Daily Brief India: Nexus Select Trust, Tata Technologies, Adaro Energy and more

• Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO.
• NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

• Tata Technologies (TATATECH IN), the largest India-based ER&D service provider, is seeking to raise up to US$600 million, according to press reports.
• Tata Technologies ranked first among India service providers and third globally among rated service providers for automotive ER&D services, according to Zinnov.
• The key elements of the bull case rest on its automotive leadership positioning, solid performance of the core business, high repeat rates, rising margin and cash generation. 

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Adaro Energy
• Azure Power Global Ltd
• ENN Natural Gas
• Vedanta Resources